Millions people face financial exclusion in the UK. As a result, many cannot obtain the products they want or are offered products on less favorable and more expensive terms.

This doesn’t just affect those who don’t have a credit history. THE Financial Wellbeing Research Report 2024 by REBA in partnership with Wealth At Work found that more than half of people with good incomes and stable employment who applied for credit in the last quarter were either rejected by lenders who felt they did not represent sufficient risk, or rejected the offer themselves.

One of the big issues is income verification. Experian states: “On almost every credit application, consumers are asked to verify their income. The reality is that because of how the loan works, income often ends up being estimated and, therefore, does not always give a truly accurate picture. At Experian, we’re on a mission to change that.

Better data, better access to finance

Through investments in deeper, more accurate data, Experian has helped more than two million people improve their credit scores and approximately four million people gain greater credit visibility. This means they have a better chance of being accepted and with better conditions or rates.

Experian is now tackling employment and income verification through Work Report. This service helps employers provide their employees with a quick and convenient way to share accurate payroll information, speeding up the credit application process and providing a more accurate picture of an employee’s finances. Experian says: “Work Report has already shown that around a third of those who recently applied for credit and were not offered a product had incomes 10 percent higher than they reported. For some, it could have been the difference between getting a mortgage or missing out.

A free benefit that could make all the difference

According to the Financial Wellbeing Research 202462 percent of HR leaders say their benefits don’t meet employee needs, while 47 percent of employees feel undervalued by current programs. As the cost of living crisis continues to impact performance, supporting employees’ financial well-being is crucial.

Work Report helps employers ensure stress-free onboarding and provides quick and secure access to key life services. Experian says: “It’s free for everyone and helps employees feel more valued and supported by giving them access to life’s important moments. »

Beyond employees, Work Report also benefits HR teams. Experian says: “This significantly reduces the administrative burden of responding to income and employment verification requests, and helps you onboard new hires more than 80% faster. »

To find out how you can join more than a million businesses that already benefit from convenient, consented revenue and employment data sharing, talk to the Experian team today.